Good afternoon and welcome to Arcadia Biosciences Third Quarter Earnings Conference Call. Today’s presenters will be Raj Ketkar, President and CEO; and Matt Plavan, CFO. This call is being webcast and you can refer to the Company’s press release and slides at arcadiabio.com. Before we start, if you refer to slide two, we would like to remind you that Arcadia Biosciences will be making forward-looking statements on this call based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the Company’s actual performance and results may differ materially from those described or implied today. You can review the Company’s safe harbor language in their most recently filed 10-Q and again on slide two of this presentation. With that, I’ll turn the call over to Raj Ketkar, President and CEO.

Thank you, Jonathan. And thanks to everyone who is joining us on the call today. I’d like to start with some announcements concerning our executive staff and our Board of Directors. First, turning to slide three, I’d like to Matt Plavan, our new CFO who joined us in mid-September. Matt has nearly 30 years experience in the biotech, healthcare and technology sectors. He’s a CPA and brings us a strong skill set in strategic planning and business development. Matt has extensive experience in both the public and private markets and brings exactly the background that’s appropriate for Arcadia today. You’ll be hearing from Matt later in the call. I’m also pleased to announce that Kevin Comcowich joined our Board of Directors on October 30th. Kevin is a proven business and financial leader with extensive experience in investment management and global capital market strategies. He most recently served as a CEO and portfolio manager of HTX Energy Fund in Houston, Texas. Kevin is now Chairman of our Audit Committee, replacing George Gosbee in that capacity and replacing Uday Garg, as a member of the Committee. The Audit Committee is now in full compliance with NASDAQ requirement. In addition, we received word this morning from Darby Shupp that she has completed her service to Arcadia Biosciences and has tendered her resignation as Chairman and Board Member, effective immediately. George Gosby will be serving as interim Chair while the Board considers internal and external candidates for the permanent position of Chairman of the Board. I’m pleased to welcome both, Matt and Kevin to the Arcadia team, and I believe they each bring valuable skills and expertise that will help drive the Company’s growth strategy. I also want to thank Darby for her long tenure and leadership with the Company. With respect to today’s…

Thank you, Raj and good afternoon to everyone. I’m excited to be here today and for the opportunity to serve as CFO of Arcadia Biosciences. There are number of reasons to be excited about joining Arcadia but for me there are two major reasons. One, I firmly believe we are well-positioned to create significant shareholder value; and two, I believe we are on the most direct path to do so today. And to that end, I look forward to working closely with Raj and sharing our progress to plan going forward. As for our financial report, I’d like to provide a brief primer on our revenue streams today and also speak how we expect them to evolve over time. I think it sets the stage for the review of our financial highlights for this quarter as well as some insights I’ll share about our forward-looking expectations. Okay. As for today, there are three primary areas from which we derive revenues and where we expect to drive near-term revenue growth. First, product revenues. These are revenues generated from the sale of products Arcadia has developed and commercialized. Currently that’s our SONOVA GLA safflower oil. Second, license revenues. Today, these revenues primarily represent amortization of upfront and annual license payment by our partners for the rights to further develop and commercialize our traits. And third, granting contract research revenues. These are revenues we earn from performing contract research services for our partners, government agencies and other third parties. We continue to target additional contract research opportunities that not only provide new revenue opportunities but will represent project that are highly aligned with our strategic focus. Now, as we have discussed at length, we have a robust pipeline of GM and non-GM traits at various stages of development towards commercialization, which upon launch…

Thank, Matt. Before we get to your questions, let me say that in the last three months, the team at Arcadia has been involved in a bold initiative to evaluate a strategic direction and develop new pathways for the future of the Company. We have a clear focus for the priorities ahead and we have already started to take steps in the new directions we discussed today. I believe we have an exciting future and we are committed to make it happen. With that, I would like to turn the call over to your questions now.

[Operator Instructions] And our first question or comment comes from the line of Chris Parkinson from Credit Suisse. Your question please?

Good afternoon, guys. This is Graham Wells on for Chris. How are you guys doing?

Hi. Good.

So, I just had a quick question. Raj, you had mentioned earlier that you’ve seen kind of a slowdown in approval processes globally and you highlighted India in particular. We were just curious what are the regions in particular could you point to where you kind of seeing the slowdown in approval processes and what do you think is really driving that?

Yes. I think the two major regions where I would point to for any kind of slowdown or continued slowdown is Europe and China, really. I mean, in Europe, as you know, essentially no significant approvals have been given for quite some time and the regulatory processes take quite long to get through all of it to get to an approval. They do -- they have been giving import approvals but even so, the requirements are getting tougher there. China is also sort of in a similar situation in terms of timing. I think what we’re seeing is that they are trying to bring their regulatory frameworks harmonize them more with global frameworks to make them more consistent. And right now, it’s a bit unpredictable in terms of timeline. I don’t think we can specifically say, is it slowdown by a year or two or whatever. But I think we are hopeful that that’ll continue to increase. But I think those two are the main areas. South America is actually quite favorable.

And then, I just had another question kind of around, just in ballpark sense just trying to get a feel for what you guys see in terms of the size of the opportunity to explore the move into pet foods within the SONOVA product line?

We see it as an attractive market. I mean, the entire pet food market is a large market. And there’s many ingredient players within that and different ingredients. So, we need to sort of figure out the specifics in terms of the size of the market. We are talking to companies that formulate pet foods and how are our ingredient would fit in. So, I think we’re in the early stages of that and we’ll be happy to report on that in the future.

And then, just the last one from before I let you guys go. I know, Matt, you kind of mentioned that you guys will be able to give more color on this moving forward. But, we were actually just curious on where could we see potentially the greatest benefits from the cost optimization kind of planning that you guys have gone through. And even if you don’t quite have totally clear idea yet of where things will settle out, where do you kind of see the greatest opportunities to kind of streamline things?

We’re looking -- from a macro standpoint, we’re targeting between say 15% and 20% of our overall operating expenses from a run rate standpoint. And I think in terms of where within the organization that that’ll come from, we’ll be able to give you a better sense going forward. But I think in terms of just broad macro guide, that’s really the size, the optimization as we see it today.

Thank you. Our next question comes from the line of Brett Wong of Piper Jaffray. Your question please.

I wanted to dig back in on the regulatory timing going off of questioning before. Are you seeing longer timing for import approval in Europe? And is there risk to getting that import approval for HB4 soybeans?

No, we’ve not seen anything specific to HB4 yet, Brett. The general concern is just given the overall sort of macro situation with GM crops in general, given some of the consumer acceptance issues and public acceptance issues which are -- which tend to sort of find their way into the regulatory process and with -- which results many times in demand for more studies and that sort of thing, more documentation which causes a slowdown. So, it’s hard to say what the magnitude of the slowdown is or what part of the regulatory, which step would get slower. But I think what we’re seeing is there is a general slowing down in different areas.

Okay. I mean, in regulatory or non-regulatory, seeing any time line impact to expected commercialization, not only this one or any other products outside of the GM yield rice, wheat and cotton?

No, I think everything else is very much on track, Brett.

Okay. And, can you talk to some of the field trial stuff, how are corn yields and expectation this year and field trials and maybe talk about HB4 also?

Yes. So, the field trial results from this current season haven’t yet come in. I mean, harvesting happened just recently and we’re working with our partners at Dow AgroSciences to sort of collate that data and really hone down on what yield increases we saw for which different traits and so on, and which line. So, we’ll have more on that. And like I alluded to in my presentation, I think early part of next year when we do our end of year reporting, I think that would be the time when we would be able to specifically talk about the performance of our products, product candidates. And same with HB4; in HB4, I think we are -- our breeding partners in South America are planting as we speak, right now. So that will be available really in second quarter next year.

I thought you did some trials this last season.

Yes. So, those are early trials and obviously it’s a selection process where we’re testing a lot of stuff. And based on that we advanced certain lines and certain traits into the trial program for this year, which has just been completed. So, I’ll have to go back and look at what the specifics of, were that came out at the end of last season, which we might have reported at the early part of this year. But you know we…

Okay, fair enough. I was just wondering the initial -- on the corn side any initial issues or concerns that you’re having; it doesn’t seem like that’s the case.

No, no concerns. I think the story there is really good. We’ve got some really good candidates with Dow and we’re moving forward. We just completed the season and we’ll have the data for you in the first quarter next year, end of year report.

Great. And then, in terms of the delay in India, does that affect your agreement with Mahyco at all and do you have any ideas of additional costs related to that?

I think the issue there is really delays of -- the cost really is in terms of timing of not commercializing according to our original schedule because the regulatory system even for field trials is proving to be challenging there where Mahyco needs to get approval from not just the central authorities but from every state that you want to do trials. And then, it’s just a time-consuming process, not just time-consuming process but the approvals have come very late, so they could not plant any trials this year. We hope that in the spring, by that time, the process gets a little better. They’ve indicated -- the regulatory authorities have indicated change in their systems. And so, we’re hoping that that will change for the better in the spring up next year.

Okay, and then last one. Raj, just wondering, given your time so far here as the CEO and all these near term priorities that you’ve laid out, just have you seen any issues, unforeseen issues, is there anything going kind to plan smoothly as you expected? Any initial fix would be great.

It’s been a few months now and it’s just been very exciting to go through this really rich pipeline of products that Arcadia has and go through this whole process that we’ve gone through. It’s really been a grounds up process with a lot of key people involved to look at every product and look at the market and really focusing on which projects make more sense going forward. And that’s where we are right now and kind of what I outlined today. So, I think it’s going well, going great. And I’m happy to be here. And now we’ve got a great team.

Thank you. And this does conclude the question-and-answer session of today’s program. I would like to hand the program back to Raj Ketkar for any further remarks.

Thanks, Jonathan. So thanks everyone for joining the call today and your continued interest and support. We look forward to speaking with you again during our yearend conference call.

Thank you, ladies and gentlemen for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.